"In my mind, it's time," he added, per Alex Pavlovic of NBC Sports Bay Area.
Bochy enters the year with 1,926 regular-season wins with the Giants and San Diego Padres, winning three World Series titles with four total pennants.
According to Bill Shaikin of the Los Angeles Times, he could reach the top 10 of all-time wins with 83 more this season. This could be enough to reach the Baseball Hall of Fame, especially combined with his World Series titles.
The 63-year-old first became a manager for the Padres in 1995, taking over a franchise that had just one playoff appearance in its first 26 seasons and was only 47-70 the year before in a strike-shortened season.
Bochy took the group to the playoffs just two years later and got to the World Series in 1998 before falling to the New York Yankees.
He remained with the Padres until 2006, accumulating 951 wins.
The Giants came calling in 2007, and once again he turned a losing team into a winner. The team won three titles in five years from 2010-14, and he has now won 975 games in 12 years in San Francisco, plus 36 more in the playoffs.
After a disappointing 73-89 record in 2018, Bochy will hope the latest news will motivate the Giants to turn things around and go on one more deep playoff run before he calls it quits.